PM Modi Urges MSMEs, Industry To Boost Productivity And Global Competitiveness

ENA Economy 2026-03-05 12:15:59 New Delhi, Mar 5 (KNN) Prime Minister Narendra Modi addressed the second Budget Webinar on Sustaining and Strengthening Economic Growth, emphasising collaborative efforts to accelerate Indias economic momentum. He noted that the first webinar generated valuable suggestions for implementing budget provisions and expressed confidence that the current discussions would further strengthen growth. The Prime Minister said that as global supply chains are being reshaped, Indias strong economic performance has emerged as a source of global optimism. He reiterated the governments focus on build more, produce more, connect more and export more, noting that insights from the webinar would help shape future policy actions. Highlighting the interdependence of key sectors, the Prime Minister said manufacturing, logistics, MSMEs and urban centres form interconnected pillars of the economy. He noted that manufacturing boosts exports while competitive MSMEs drive flexibility and innovation, adding that the Union Budget has provided strong support to these sectors to strengthen economic growth. He cautioned that policy direction alone cannot deliver results without active participation from industry, financial institutions and state governments. Calling for focused discussions on boosting manufacturing and production while making cost structures more competitive, he stressed that stakeholder suggestions would be critical in ensuring that development reaches every corner of the country. The Prime Minister highlighted initiatives to strengthen manufacturing and address structural bottlenecks, including Dedicated Rare Earth Corridors and the promotion of container manufacturing to support trade and logistics. He also underscored the Biopharma Shakti Mission aimed at positioning India as a global hub for biologics and next-generation therapies. Modi said that amid shifting global economic dynamics, many countries are seeking reliable manufacturing partners. He urged industry to invest confidently, adopt advanced technologies, boost R&D spending and maintain global quality standards to strengthen Indias role in global supply chains. Highlighting opportunities from Free Trade Agreements, he noted they expand export potential but also require Indian firms to prioritise quality and align products with global consumer preferences. Narendra Modi highlighted the importance of MSMEs, noting that revised classification norms have removed fears of losing benefits as firms expand. While the government is easing credit access and supporting technology adoption, he urged MSMEs to boost productivity, improve quality and integrate with digital systems and global value chains to compete internationally. He said infrastructure and logistics remain central to Indias growth strategy, supported by record capital expenditure in the Union Budget. Initiatives such as high-speed rail expansion, multi-modal connectivity and ship repair facilities are expected to improve trade and transport efficiency, though their full benefits will depend on industry and investor alignment. On urban development, the Prime Minister observed that Indias long-term growth will depend on effective planning and management of cities. He called for suggestions on how Tier-II and Tier-III cities can emerge as new engines of economic growth, stressing that such ideas would be important in shaping future development strategies. Addressing the global shift toward sustainability, the Prime Minister said international markets increasingly evaluate environmental impact alongside cost. He highlighted the Carbon Capture, Utilisation and Storage Mission and urged industries to adopt clean technologies early to improve access to emerging global markets. Concluding his address, the Prime Minister urged stakeholders to move beyond discussions and actively support implementation of the national development agenda. He said that collective efforts and practical suggestions would play a key role in advancing the vision of a Viksit Bharat. (KNN Bureau) 45350 https://knnindia.co.in/news/newsdetails/economy/pm-modi-urges-msmes-industry-to-boost-productivity-and-global-competitiveness 2026-03-05 12:15:59 knnindia.co.in PM Modi Urges MSMEs, Industry To Boost Productivity And Global Competitiveness